HOUSTON, Aug. 15, 2022 (GLOBE NEWSWIRE) — Equus Total Return, Inc. (NYSE: EQS) (“Equus” or the “Company”) reports net assets as of June 30, 2022 of $37.2 million, a decrease of approximately $0.2 million from March 31, 2022. The net asset value per share has decreased to $2.75 as of June 30, 2022, from $2.77 as of March 31, 2022. Comparative data is summarized below (in thousands, except per share amounts):
|At the end of the quarter||06/30/2022||03/31/2022||31/12/2021||09/30/2021||06/30/2021|
|Net assets per share||$2.75||$2.77||$2.69||$2.68||$2.57|
Although the Fund experienced a slight decline in net asset value during the quarter, the fair value of the following portfolio investments increased during the second quarter of 2022:
- Increased the value of Equus Energy. During the second quarter of 2022, the fair value of Equus Energy, LLC decreased from $15.0 million to $15.5 million. Among the various leasehold rights held by Equus Energy is a 50% working interest in 2,400 acres in the Permian Basin known as Conger Field. A number of deals completed in 2021 and the first half of 2022 have been concentrated in the Permian Basin, at imputed acreage values significantly higher than the values assigned to that acreage in recent years. Additionally, West Texas Intermediate crude prices rose from $100.28 per barrel on March 31, 2022 to $105.76 per barrel on June 30, 2022, an increase of approximately 5.46%, while prices natural gas increased from $5.46 per MMBTU at March 31, 2022 to $6.54 per MMBTU at the end of the second quarter of 2022, an increase of approximately 19.8%.
Equus also holds working interests of 7.5% and 2.5% in the Burnell and North Pettus units, respectively, which collectively comprise approximately 13,000 acres located in the area known as the “Eagle Ford Shale play”. The Company has received advice and assistance from a third party valuation firm to support its determination of the fair value of this investment.
The Company is a business development company that trades as a closed-end fund on the New York Stock Exchange under the symbol “EQS”. Additional information about the Company may be obtained on the Company’s website at www.equuscap.com.
This press release may contain certain forward-looking statements regarding future circumstances. These forward-looking statements are based on the Company’s current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated by such forward-looking statements, including, in particular, the performance of the Company, including our ability to achieve our anticipated financial and business objectives, and other risks and uncertainties described in the Company’s filings with the SEC. Actual results, events and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, the Company undertakes no obligation to publicly release any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the events or circumstances described in such statements are material.
Pristine Advisors, LLC